Transit Tower developer secures financial partner

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In works: The Transbay Transit Center, under construction at First and Mission streets, above, is part of a hub that will also include the Transit Tower, right.

The developer of the 1,070-foot Transit Tower, which will be the tallest skyscraper on the West Coast, secured a partnership with a financial partner and is expected to purchase the land for the building in early 2013.

The tower is one of the centerpieces of the Transit Center District Plan, which will redevelop the area around the new Transbay Transit Center being rebuilt at First and Mission streets in South of Market. The transit hub will eventually house a station for Caltrain and high-speed rail, and it will be a regional connection for bus systems.

Hines, the developer of the Transit Tower, announced last week that Boston Properties is in a joint venture to develop the site. The companies said they expect to acquire the land, currently owned by the Transbay Joint Powers Authority, for about $190 million. The money from that sale will help The City fund the extension of Caltrain and high-speed rail to the future terminal.

The deal between the companies, both of which will have a 50 percent interest in the venture, came just days after the Planning Commission gave its final approvals for the tower project.

“We are gratified to have both a stellar partner and The City’s nod of approval,” Hines Chairman Gerald D. Hines said in a statement. “We think the tower will be a beautiful addition to San Francisco’s beloved skyline, as well as an extremely desirable and sustainable workplace next to one of the state’s busiest transit hubs.”

Plans for the tower, designed by architects Pelli Clarke Pelli, call for a 61-floor building that will have 1.4 million square feet of floor space. The tower will be connected to City Park, a slice of open space that will sit atop the new transit center.